ProShares Bitcoin ETF
BITO
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- ProShares Bitcoin Strategy ETF (BITO) provides investors with targeted exposure to bitcoin returns through an actively managed exchange-traded fund that primarily invests in bitcoin futures contracts traded on the Chicago Mercantile Exchange (CME), including front-month CME bitcoin futures and swaps linked to the S&P CME Bitcoin Futures Daily Roll Index with counterparties such as Societe Generale; the fund holds cash equivalents like Treasury bills for collateral and does not invest directly in spot bitcoin, thereby avoiding direct custody risks associated with cryptocurrency holdings. Launched on October 18, 2021, and headquartered in Bethesda, Maryland, BITO operates as part of ProShares Trust, managed by ProShare Advisors LLC, and trades on NYSE Arca with options availability, monthly distributions of futures-related gains when applicable, and an expense ratio of 0.95%. The ETF serves institutional and retail investors seeking convenient, liquid bitcoin-linked exposure via traditional brokerage accounts within the digital assets segment of the exchange-traded products industry. In a notable recent development, the fund rebranded from ProShares Bitcoin Strategy ETF to ProShares Bitcoin ETF, as reflected in its updated September 2024 prospectus and current fact sheets, aligning its name more directly with its bitcoin performance objective while maintaining its futures-based strategy under normal circumstances investing at least 80% of assets in bitcoin exposure instruments. ProShares has expanded its bitcoin-related offerings amid the 2024 approvals of spot bitcoin ETFs, launching complementary leveraged products in April 2024 including BITU targeting 2x daily bitcoin returns and SBIT targeting -2x daily bitcoin returns based on the same CME futures benchmark. These expansions occur as ProShares surpassed $100 billion in assets under management in October 2025, underscoring sustained demand for its crypto-linked strategies despite competitive pressures from spot ETFs and ongoing bitcoin market volatility.